February Home Sales Improve in Colorado

April 9, 2012 (Shirley Allen)

Monthly sales of existing single-family homes and condominiums in Colorado improved in February while home prices were mixed, improving for condominiums but declining for single-family homes, according to the latest data from the Colorado Association of Realtors® (CAR).

An estimated total of 4,576 existing homes and condos were sold in the Centennial State in February. That was 5.2 percent higher than the 4,348 homes sold in January and 16.9 percent higher than the 3,914 homes sold in February 2011.

Sales of detached single-family homes accounted for 3,746 of the total sales in February, up 4.9 percent from 3,570 sales in January and 17.6 percent higher than the 3,185 detached homes sold in February of 2011.

The median sales price for a detached single-family home in February was $183,333, which was 8.8 percent lower than the sales price of $201,058 posted in January and 5.0 percent lower than the sales price of $193,056 in February of last year.

Of the 23 local associations that reported single-family home sales, twenty of the associations reported sales had increased or were unchanged from a year ago. Cortez (+59%) posted the largest increase in sales among the associations who reported 20 or more home sales while Royal Gorge (-7%) posted the largest decline.

The Metro District reported the most single-family home sales in February with 2,036 units sold, up 12 percent from a year ago.

Condominium sales accounted for 830 of the total sales in February, up from the 778 sales in January and 13.9 percent higher than the 729 condos sold in February of 2011.

The median sales price for a condo in February was $123,542, which was 16.7 percent higher than the sales price of $105,833 in January but 5.0 percent lower than the sales price of $130,000 for a condo in February of last year.

Of the 15 local associations that reported condo sales, twelve of the associations reported sales had increased or were unchanged from a year ago. Montrose (+93%) posted the largest increase in sales among the associations who reported 10 or more condo sales while Fort Collins (-68%) posted the largest decline.

The Metro District also reported the most condo sales in February with 531 units sold, up 11 percent from a year ago.